ANNOUNCEMENT 01 Dec 2010In December 2010, the government of Puerto Rico announced a change in the tax legislation for exporters.
NUMBER OF INTERVENTIONS
Act. No. 178 (in Spanish) http://www.lexjuris.com/lexlex/Leyes2010/lexl2010178.htm
On December 1, 2010, Puerto Rico via the enactment of Act No.178 of 2010, introduced further benefits for rum producers in Puerto Rico.
Act No. 178provided a rebate to the rum industry of up to 25% of the amounts received from the Government of the United States by concept of the tax imposed to rum transported from Puerto Rico to the United States and sold to consumers in the United States. Furthermore, this Act also gave the Governor of Puerto Rico the discretion to increase up to 46%, the percentage of the monies to be set aside to support the local rum industry (i.e. the percentage of funds that Puerto Rico dedicates yearly for supporting the rum industry).
In 2008, the government had already provided tax exemptions and tax credits to the rum distillers via Act No. 73.